Monday, 9 May 2016

After 6 Years Off the Market, FiDi Landmark Seeks Additional $70M

The American Bank Note Company building is asking $88 million

Talk about a price jump: The landmarked building at 70 Broad Street, formerly the headquarters of the American Bank Note Company, hit the market today with a whopping $88 million asking price. But what makes this completely mind-boggling is the fact that when the property last sold in 2010 (to a Chinese firm), it fetched a relatively modest $18 million. So yes, the sellers are seeking an astronomical $70 million profit. Like we said, mind-boggling.

That said, it's not meant to be a single-family home; the first two floors are set up as an office/conference room, while the three floors above that are kitted out as private apartments, done for the executives of the firm that bought the building six years ago. The listing calls this "a rare opportunity to own a New York City landmark," but it'd have to be for a very specific type of buyer. (We've reached out to the Elliman brokers representing the sale, and will report back with any details.)

As far as the building itself goes, it was built in 1908 by the firm Kirby, Petit & Green (whose other notable commissions included the long-gone Dreamland amusement park in Coney Island), and became a New York City landmark in 1997. In its designation for the building, the Landmarks Preservation Commission called out the Neo-Classical structure's "overscaled columns, continuous window bays, and classical carvings." But will that be enough to net an $88 million sale? Only time will tell.


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